The Indian equity markets opened the week with strong gains early on Monday amid positive global cues and investors' sentiment
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MUMBAI — The Indian equity markets opened the week with strong gains early on Monday amid positive global cues and investors' sentiment, buoyed by the US Supreme Court decision that struck down President Donald Trump's tariffs.
As of 9.25 am, Sensex added 563 points, or 0.68 per cent, to reach 83,375, and Nifty gained 170 points, or 0.67 per cent to settle at 25,741.
Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 added 0.12 per cent, and the Nifty Smallcap 100 gained 0.86 per cent.
All major sectoral indices traded in the green except Nifty IT (down 0.10 per cent) and chemical (down 0.26 per cent). Nifty PSU bank was the major gainer, up 1.13 per cent. Nifty metal and auto were the other major gainers, up 0.77 per cent and 0.83 per cent, respectively.
Analysts welcomed India's trade negotiating team delaying their visit to the US in the light of the changed scenario after the US court striking down Trump's tariffs.
From the market perspective, this is indeed a positive, but not sufficient to trigger a sustained rally in the market, they added.
Immediate support for Nifty is placed at 25,370 levels, while resistance is anchored at 25,700 level, market watchers said.
Nifty's structure suggests stabilisation and a gradual recovery in market confidence after recent choppy price action, supported by sustained buying interest at lower levels and an improving short-term outlook, they further said.
The Bank Nifty also staged a strong rebound, in the last trading session outperforming the broader market after prior weakness.
Immediate support is seen in the 60,800–60,900 range, while resistance is placed around 61,300–61,400, they added.
In Asian markets, Japan's Nikkei eased 1.12 per cent, and Hong Kong's Hang Seng Index added 2.22 per cent. South Korea's Kospi gained 0.36 per cent.
The US markets ended largely in the red in the last trading session as Nasdaq eased 0.16 per cent. The S&P 500 traded flat, and the Dow Jones lost 0.13 per cent.
On February 20, foreign institutional investors (FIIs) net sold equities worth INR 935 crore, while domestic institutional investors (DIIs) were net buyers of equities worth INR 2,637 crore.